Are You Covered? Possessions in Your Custody or Control
When you purchase Home Contents insurance it covers the contents that you own whilst they are in your home. Cover provided by home insurance policies differs between insurance providers, so we will look specifically at the Allianz policy.
What Am I Covered For?
Contents in an Allianz policy are defined as household goods and items that you normally wear or carry (referred to as personal effects) owned by you. In addition it covers:
- Items for which you are legally responsible (including items that you have leased or hired).
- Items owned by members of your household, e.g. owned by your spouse, son, or daughter (as long as they live with you).
- Items owned by domestic employees of yours who live permanently with them (e.g. an au pair).
The Allianz definition of ‘contents’ restricts cover to items used for domestic and recreational purposes only. If cover is required for any equipment or tools used for business purposes or for business goods, stock, or money then you should seek to arrange commercial property insurance to cover these. The exception to this is a common cover extension, which provides cover for home office equipment.
Additional Cover Benefits
It’s worth noting that the Allianz policy includes a couple of benefits that further extend cover for contents. They are:
- Contents temporarily removed from your home to another property within Ireland or the UK. (The purpose of this is to provide some cover for you or a member of their household whilst they are living temporarily elsewhere through work or study)
- Cover for the personal possessions of visitors and guests whilst they are in the insured home.
Cover Outside of the Home
Contents cover applies to items whilst they are within the home. Most of us have personal possessions that we frequently take and use away from the home such as jewellery, a mobile phone, sports equipment, or a bicycle. For these we can arrange All Risks cover on our Home insurance. This can be done on a ‘specified’ or ‘unspecified’ basis (or both) depending on the types of items you wish to cover and their value.
All Risks cover on the Allianz Home policy covers loss or damage to insured items anywhere in Ireland or the UK. That cover extends to anywhere in the world for up to 60 days in any period of insurance.
As a whole, ‘contents’ covers household goods and other items used for domestic and recreational purposes whilst they are in the insured home. As a rule, the cover applies to items you own. We have seen that the Allianz home insurance policy extends the scope of cover in several ways.
‘All Risks’ covers items whilst they are away from the insured home.
Not all Home insurance products provide the same cover. It is always best to query with your insurer or broker if you have any doubts or specific concerns.
Information accurate as of 3 April, 2019.
Please note: The above information does not reference all of the benefits, terms, conditions, limitations, exceptions and exclusions associated with Allianz Household Policy.For more information on Allianz home insurance, click here.
Allianz p.l.c. is authorised by the Central Bank of Ireland. Standard acceptance criteria and policy conditions apply.
About the author:Business owner, consultant, and expert witness. Former motor and property insurance underwriter.
Date:April 30th, 2019